Debt Archives — City Business News

October 17, 2024 No Responses

Lagos To Pay N85,000 Minimum Wage, Explains Debt Profile

The Lagos state government is to pay N85,000 minimum wage to civil servants, higher than the Federal Government’s approved minimum wage of N70,000. Mr Babajide Sanwo-Olu, Lagos state Governor stated this in an interview on Channels Television on Wednesday where he talked...

June 24, 2024 No Responses

FCMB-TLG Private Debt Fund Opens For Investment

FCMB Asset Management Limited (FCMBAM), recently, held a signing ceremony for Nigeria’s first Naira denominated Private Debt Fund, the FCMB-TLG Private Debt Fund.The Fund, which has been approved by the Securities and Exchange Commission, is sponsored and ma...

June 21, 2024 No Responses

Nigeria’s Debt Up By ₦24.33trn In Three Months

Debt Management Office (DMO) on Thursday disclosed that Nigeria’s total public debt is now ₦121.67 trillion ($91.46 billion), The DMO said as of March 31, 2024, the country’s domestic and external debts stood at ₦121.67 trillion ($91.46 billion). Niger...

May 1, 2024 No Responses

Petrol Marketers Threaten Strike Over ₦200b Debt

Members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have threatened to cripple the supply of Premium Motor Spirit (PMS), also known as petrol, over non-payment of ₦200bn bridging claims. The threat comes following cur...

March 31, 2024 No Responses

Kaduna: Sani Laments $587m, N85b Debt Burden

Kaduna State Governor, Sani Uba has disclosed that he inherited a debt burden of $587m, N85bn and 115 contractual liabilities from the immediate past administration of Nasir El-Rufai, lamenting that the huge debt has eaten deep into the state’s federal...

March 21, 2024 No Responses

CBN Clears FX Transactions Backlog

The Central Bank of Nigeria (CBN) has cleared all valid foreign exchange backlogs of s$7 billion, fulfilling a key pledge of its Governor, Mr. Olayemi Cardoso. In a statement on Wednesday, the apex bank’s Acting Director, Corporate Communications, Mrs Hakama...

January 8, 2024 No Responses

CBN Disburses $61m To Settle Foreign Airlines’ Trapped Fund

The Central Bank of Nigeria (CBN) has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks (DMBs). According to a statement issued by its Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali on Sunday, the disbursem...

March 27, 2023 No Responses

Court Blocks Oyo State Govt’s Accounts In Four Banks Over N3.4b Debt

A High Court of the Federal Capital Territory (FCT), Abuja has issued an order attaching funds standing to the credit of Oyo State Government and its agencies in four banks. Justice A. O. Ebong issued the order while ruling on...

November 2, 2022 No Responses

World`s Ten Most Indebted Countries

Covid-19 has pushed many states’ debts above annual income, causing the global government debt to reach new record highs. According to the S&P Global Ratings report, the combined debt of all governments worldwide is expected to climb by 9.5% ...

July 30, 2022 No Responses

Innoson Sues Imo Govt Over N2.5b Debt

Innoson Vehicle Manufacturing Company has filed a lawsuit against the Imo State Government over its failure to pay a N2.54 billion debt owed to the firm. Head, Corporate Communications, Innoson Vehicles, Cornel Osigwe, in a statement on Friday ...

July 19, 2022 No Responses

DMO Raises N123b In July FG Bond Auction

The Debt Management Office (DMO) has raised N123.85billion in its July Federal Government of Nigeria (FGN) bond auction. A statement issued by DMO on Monday explained that the three instruments auctioned were valued at N75 billion each, totalling N225 bi...

June 28, 2022 No Responses

Railway Fencing: Contractors Protest Over Non-Payment Of N500m Debt

The Abuja-Kaduna Railway Fencing Sub-Contractors Association on Monday, in Abuja protested over the non-payment of N500 million debt owed them by Deux Projects Limited since 2018.The association’s spokesman, Mr Onyeka Enechuku, said the angry contractors wer...

February 15, 2022 No Responses

Gombe IRS Seals Access Bank Over Alleged N118m Tax Default

The Gombe State Internal Revenue Service Board has sealed two branches of Access Bank in the state capital over alleged N118 million unpaid taxes between 2008 – 2019. Speaking to Journalists on Monday in Gombe, the Chairman of the Board,...

December 23, 2021 No Responses

NCAA Shuts Glo Station Over N4.7b Debt

The Nigeria Civil Aviation Authority has shutdown main switch centre of Globacom Limited at Wuse 2, Abuja over non-payment of outstanding debt of N4.7 billion. The NCAA Director–General, Capt. Musa Nuhu, carried out the exercise on Wednesday, under the...